PENGARUH PENGUNGKAPAN ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

This study aims to analyze the influence of Environmental, Social, and Governance (ESG) on the share prices of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. The research uses a quantitative approach with secondary data obtained from annual reports, sustainability reports, and stock price data. The research sample consisted of 27 manufacturing companies selected using purposive sampling techniques . Data analysis was carried out using panel data regression with the Random Effect Model. The results show that overall ESG affects stock prices at a significance level of 10%. Partially, environmental and social have a significant effect on stock prices, while governance has no significant effect on stock prices. These findings show that investors respond more to environmental and social information than company governance in assessing manufacturing companies in Indonesia.